Framework Ventures

New episode of Oneshot out now! @im_manderson & @pythianism discuss: - HYPE as the cycle's attention asset? - SpaceX's IPO - The AI compute arms race - And more! Timestamps 00:00 Introduction 02:52 Hyperliquid as the New Attention Asset? 07:01 Institutional Flows & ETFs 13:44 SpaceX IPO Breakdown 15:49 NeoClouds & The Compute Bottleneck 19:12 Data Centers in Space (Really?) 23:03 Figma, Unlocks & IPO Mechanics 27:21 Google I/O & Token Price Compression 28:06 Anthropic & OpenAI ARR Projections 32:27 The SaaS Apocalypse & Intuit's Crater 36:03 Macro, Bonds & The CLARITY Act

Some personal news: I've joined Framework Ventures (@HiFramework) to invest where finance, AI, and the real economy are being rebuilt from the ground up. Framework has been the fund I've measured my own thinking against for years. Across multiple cycles, @pythianism and @im_manderson have been early to where new financial infrastructure actually meets the real world: tokenization, AI, fintech, energy, compute, robotics, and more. They aren't shying away from re-inventing how a venture capital firm operates in this market. I'm spending my time with founders pulling the future forward: founders building credit, payments, and settlement for the next economy. Founders building the energy and compute infrastructure that AI demands. Founders running toward the hard problems that define new categories. If that's you, I'd love to hear from you. — Closing out 4+ years at @PanteraCapital, I'm grateful beyond words to @veradittakit , @dan_pantera, @FranklinBi , @cosmo_jiang , and the founders who trusted us to back them.

We’ve raised $8.1M to accelerate our mission of building a global network for modern financial institutions. These rounds were led by @galaxyhq, @almadaventures, and @hiFramework Ventures, alongside leading crypto investors. Read more on @TheBlockCo: theblock.co/post/401906/st…

Sky Protocol recorded its strongest quarter in history in Q1 2026. In this clip from the inaugural Sky Frontier Foundation Quarterly Insights Call, @RuneKek breaks down what drove the results, and why institutional demand for USDS is accelerating. Watch the full clip below ↓

USDAI was highlighted in the @SkyEcosystem Q1 Insights Call by @RuneKek and @pythianism. Proud to be part of @obexincubator's $1bn Cohort 1. Appreciate the continued support from Sky and @hiFramework.

Under Sky’s year-end projection of $20.6B in USDS supply, the protocol’s balance sheet would scale meaningfully even under conservative NIM assumptions. Applying a lower-end 0.8% NIM across the total asset base would translate to an annualized NII run rate of approximately $165M, while Sky’s current 1.3% NIM would imply a run rate of roughly $268M

Q1 2026 Quarterly Insights Call. @RuneKek and @pythianism sit down to discuss Q1 results, take questions from community and institutional participants, and unveil the Sky Protocol Financial Dashboard. Watch the full call here ↓

Sky Frontier Foundation has published its inaugural Quarterly Insights Call. @RuneKek, Co-Founder of Sky Protocol and Director of Sky Frontier Foundation, alongside @pythianism, Co-Founder of @hiframework, discuss Q1 2026 results, answer questions from community and institutional participants, plus introduce the new Sky Protocol Financial Dashboard. Watch the full call here ↓

Amazing report on Sky to go with the Insights call

Part of preparing Sky for the next step is proper investor communications Please join us for the first quarterly insights call this Wednesday

USDS supply reached $11.70B in Q1 2026, up 67.9% YoY. sUSDS ended the quarter at $6.49B, the largest yield-generating stablecoin by supply. Q1 was the most active quarter in protocol history for capital deployment and product expansion. Full breakdown below ↓

New episode of Oneshot out now! @im_manderson & @pythianism discuss: - AI CapEx melt-up - Bitcoin’s recovery - The LLM Horse Race - And more! Timestamps 00:00 Introduction 02:33 AI CapEx Melt-Up 13:30 CLARITY Act Compromise 23:53 Bitcoin’s Quiet Recovery 28:44 Bitmine & Tom Lee 33:22 The LLM Horse Race 38:38 New Funds Announced 50:09 The AI Tooling Filter

$SKY is now live on @Revolut. 30+ million users across the European Economic Area now have access to $SKY.

Sky Ecosystem Q1 2026 Report | Strongest. Quarter. On Record. Key Highlights: → Gross Protocol Revenue: $123.79M (+28.9% YoY, +56.8% QoQ), highest in protocol history → Protocol Surplus: $46.04M vs a $13.51M net loss in Q1 2025 → Protocol Collateral: $13.03B (+49.1% YoY) → USDS Supply: $11.70B (+67.9% YoY) → sUSDS: $6.49B (+71.7% QoQ), largest yield-generating stablecoin by supply

Sky seems largely unfazed despite the recent DeFi chaos. USDS supply back above $8 billion, total @SkyEcosystem stablecoin supply at $12.4 billion and basically up only since launching in Sep 2024. Still one of the most underdiscussed growth stories in DeFi.

USDAI has partnered with Wilmington Trust, a subsidiary of M&T Bank, as Escrow Agent for GPU financings. Under this structure, sUSDai holders earn yield from the moment a loan is signed. Up to 7% APR, approximately 350bps above T-bills.

Funding Secured

Today in @Bloomberg: Framework partner @rajivpoc discusses Hyperliquid's push into prediction markets Link in comments👇👇

Quantum FUD dragged Bitcoin down, but as the market digests the fear, could credible progress on quantum resistance flip it from a headwind to tailwind? "Quantum and the potential for any sort of improvement or direction on solving it is like a bullish catalyst that could come out of nowhere." - @im_manderson